MicroStrategy CEO Michael Saylor
MicroStrategy CEO Michael SaylorJoe Raedle/Getty Images
  • The lack of a spot bitcoin ETF means some investors are looking for other ways to gain exposure to cryptocurrencies.
  • Investors can buy stocks that have exposure to the crypto sector via mining and direct holdings.
  • These are the 9 stocks with the highest correlation to bitcoin and ether, according to JPMorgan.

Other than buying it directly, US-based investors have few options to gain exposure to cryptocurrency tokens like bitcoin and ether.

While multiple futures-based bitcoin ETFs launched over the past two months, they come with high tradings costs that could deviate from the underlying return of bitcoin. And the SEC is showing no signs of giving in to allowing a spot-based bitcoin ETF, which would directly own the underlying cryptocurrency similar to gold and silver ETFs.

But there is one way investors can easily gain exposure to cryptocurrencies without buying the coins directly, and that's through individual stocks, according to JPMorgan. Companies like MicroStrategy and Coinbase, among others have significant exposure to the success crypto broadly and bitcoin specifically.

"Such listed companies have become increasingly popular vehicles for investors to get exposure to the crypto industry," JPMorgan said in a note last week.

These are the 9 stocks with the highest correlation to bitcoin and ether, according to JPMorgan. Relative performance charts were sourced from Koyfin

9. Bit Minin

Ticker: BTCM
Market Capitalization: $503.6 million

3 Month Correlation to Bitcoin: 57.5%
3 Month Correlation to Ether: 54.1%

Bitcoin vs. Bit Minin performance
Koyfin

8. Galaxy Digital

Ticker: GLXY
Market Capitalization: $2.5 billion

3 Month Correlation to Bitcoin: 52.7%
3 Month Correlation to Ether: 60.6%

Bitcoin vs Galaxy Digital performance
Koyfin

7. Marathon Digital

Ticker: MARA
Market Capitalization: $5.0 billion

3 Month Correlation to Bitcoin: 61.8%
3 Month Correlation to Ether: 53.4%

Bitcoin vs Marathon Digital performance
Koyfin

6. Hut 8 Mining

Ticker: HUT
Market Capitalization: $2.2 billion

3 Month Correlation to Bitcoin: 61.5%
3 Month Correlation to Ether: 58.2%

Bitcoin vs. Hut Mining performance
Koyfin

5. Riot Blockchain

Ticker: RIOT
Market Capitalization: $3.8 billion

3 Month Correlation to Bitcoin: 65.3%
3 Month Correlation to Ether: 58.7%

Bitcoin vs. Riot performance
Koyfin

4. Hive Blockchain

Ticker: HIVE
Market Capitalization: $1.7 billion

3 Month Correlation to Bitcoin: 63.3%
3 Month Correlation to Ether: 65.4%

Bitcoin vs. Hive performance
Koyfin

3. Coinbase

Ticker: COIN
Market Capitalization: $61.3 billion

3 Month Correlation to Bitcoin: 64.6%
3 Month Correlation to Ether: 55.3%

Bitcoin vs. Coinbase performance
Koyfin

2. Bitfarms

Ticker: BITF
Market Capitalization: $1.8 billion

3 Month Correlation to Bitcoin: 70.8%
3 Month Correlation to Ether: 68.5%

Bitcoin vs. Bitfarms performance
Koyfin

1. Microstrategy

Ticker: MSTR
Market Capitalization: $7.1 billion

3 Month Correlation to Bitcoin: 75.8%
3 Month Correlation to Ether: 73.6%

Bitcoin vs. Microstrategy performance
Koyfin
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